Noble Invincible Norge A/S

Ledelsesberetning

Operating risks
Financial risks
Currency risks
Interest rate risks
Social and personnel matters
Sustainability – Environmental, Social & Governance
Our business depends on the level of activity in the oil and gas industry. Adverse developments affecting the industry, including a decline in the price of oil or gas, reduced demand for oil and gas products and increased regulation of drilling and production, have in the past had and may in the future have a material adverse effect on our business, financial condition and results of operations.
The Company's functional currency is the US Dollar. However, a portion of our expenses are incurred in local currencies. Therefore, when the US Dollar weakens (strengthens) in relation to the currencies of the countries in which we operate, our expenses reported in US Dollars will increase (decrease).
Future cash flows are exposed to risks to the extent that foreign currency expenses exceed revenues denominated in the same foreign currency. To help manage this potential risk, the Noble Drilling Group periodically enter into derivative instruments to manage our net exposure to fluctuations in currency exchange rates.
The Company is subject to market risk exposure related to changes in interest rates on borrowings and may be subject to similar exposure on future borrowing arrangements. Future cash flows for financial instruments will fluctuate because of changes in market interest rates.
The Noble Drilling Group mitigates interest rate exposure by entering into fixed rate loans or interest rate swaps at the parent company level whereas individual subsidiaries generally are funded through loans carrying floating interest rates.
Noble is first and foremost a people business, focused on acting with integrity and respect, and keeping people safe. With operations globally, Noble recognizes the risk of safety and its responsibility with regard to the impact it has on people on many levels, including employees, partners, customers, and the local communities where we operate.
Our commitment to conducting business with honesty and integrity is reflected in the Code of Conduct, which sets out the basic principles for how we expect our business to be conducted. The Code applies to all Noble employees, including executives, officers, and members of our Board of Directors, and it impacts those we do business with, including customers, contractors, suppliers, and agents. We regularly review the Code and reassess compliance processes to determine relevancy and consistency with regulatory requirements and the organization’s structure, and update it accordingly.
Policies on anti-corruption and bribery & action-assessment
The Code of Conduct is available in nine languages and can be found on the Noble Corporate Governance Documents page.
New employees are required to undertake online mandatory training on our Code of Conduct and complete and sign an acknowledgement statement that the employee fully understands the Company’s policy with respect to anti-corruption and anti-bribery, the FCPA, UKBA and acknowledges commitment to adhere to the Code and its related policies when they join the Company.
All employees are required to complete an annual self-certification on their understanding of the anticorruption and anti-bribery programs and compliance with laws against financial crimes and requirements to communicate any information of concerns or possible violation of applicable polices. To help ensure that all employees are thoroughly familiar with the Company’s policies and applicable laws, all Company personnel are required to complete mandatory ethics and compliance trainings. The Chief Compliance Officer, in cooperation with the General Counsel, is responsible for helping ensure that educational materials are developed and provided to appropriate persons.
In 2023, to enhance ethics education the Company launched a complete in-person compliance training program targeting 800 employees across major onshore locations. Internal live training sessions covered a range of compliance topics, including anti-corruption, export controls, competition law, and data protection for functions most sensitive to these compliance risks.
Human and labor rights assessment parameters are integrated into the strategic pre-market entry risk picture. Legal compliance risk assessments for potential new jurisdictions cover, among other things, corruption, exposure to financial and trade sanctions, level of protection of personal data, the general rule of law and internationally accepted reports regarding the observance of human rights.
As a responsible drilling contractor with a comprehensive approach to sustainability, Noble remains committed to building on the Company’s strategy of enabling long-term sustainable value creation. Noble’s sustainability mission is to help provide affordable energy efficiently, safely and sustainably, by leveraging longstanding customer relationships and unique innovation capabilities. Operating business in a responsible way is fundamental to who we are as a company. Our commitments are manifested in our core values of Safety, Environmental Stewardship, Honesty and Integrity, Respect, and Performance.

Beskrivelse af virksomhedens væsentligste aktiviteter

The Company’s principal activity is offshore drilling on the leased rig, Noble Invincible. The Company is
engaged in drilling activities in the Norwegian part of the North Sea through a registered branch in
Norway.
Noble Invincible Norge operated the drilling rig "NOBEL INVINCIBLE" on a drilling contract with Aker BP ASA on the Norwegian continental shelf during 2023. The rig commenced operation on 30 April 2017 on a five-year firm contract. The work was completed in Q3 2022. Aker BP contracted again with Noble Invincible Norge to use rig Noble Invincible to drill three infill wells at the Ivar Aasen field in the Norwegian North Sea. The 86-day program started in 2022 and was completed in December 2022. Before commencing the contract at Ivar Aasen, the rig was moved to Denmark (Grenå) to complete a special periodic survey as well as implement hybrid, low-emission upgrades similar to the ones previously installed on the Noble Intrepid and Noble Integrator. Aker BP ASA signed a five-year frame agreement that allows the use of the rig "NOBEL INVINCIBLE" for multiple operations on the Norwegian continental shelf. Aker BP ASA plans to use the rig during the period from mid-2023 to end-2027. The rig was subsequently moved to Stavanger for maintenance and upkeep work pending start-up of a new drilling contract for Noble Invincible Operations AS. Noble Invincible Norge is therefore currently without a drilling contract & the entity will be dissolved in the near future.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

The Company's income statement for 2023 shows a loss of USD 136 thousand as against a proift of USD 256 thousand in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at USD 15,549 thousand as against USD 15,685 thousand at 31 December 2022.
Management's expectations for the year were not met according to the 2022 annual report, primarily because the Invincible rig was not operational within this entity.

Beskrivelse af virksomhedens forventede udvikling

Noble Invincible Norge is currently without a drilling contract. The entity will be dissolved in the near future.